With a view to building an open financial platform based on stablecoin that provides services in digital banking, virtual account as well as trading on various exchanges and other financial investment products, today, August 7, 2020, VNDC officially launched the open beta of Digital Asset Bank on VNDC Wallet App. Accordingly, each VNDC user will now be provided with a fixed account number, and his/her VND balance will be converted automatically to VNDC as well as synchronized with VNDC Wallet. This feature will work as a banking application, allowing users to receive money from any sources.
Benefits for users
- Users only need to transfer money in VND (or other currencies, updated in near future) to the provided account number, it will immediately be converted to VNDC and synchronized with VNDC Wallet.
- This feature will allow users to store money received from any sources (including bank transfer from any banks, money from e-wallets, transfer via ATM, transfer with the bank account provided by VNDC) in their VNDC Wallet..
- All transactions are totally free.
Digital Bank Account Interface on VNDC Wallet App
How it works
Digital Asset Banking is a combination of traditional banking model and blockchain technology. Each user will be provided with a bank account number, and all transactions are stored and publicized on the blockchain system. Now with Internet-connected devices, users can enjoy all the benefits of traditional banking without having to conduct transactions in person.
With a low operating cost of only 1–2% that of traditional banks thanks to savings from office rental and labor costs, Digital Asset Banking can provide lower loan interest rates, higher deposit interest rates and lower service fees.
“We design and build VNDC to become an open financial platform for Vietnamese people around the world. It is a platform under the control of no companies or organizations. We believe this will bring about an innovative and efficient way for over 100 million Vietnamese people to exchange goods, do businesses and grant them an equal access to capital resources and investment opportunities in the world. Besides, VNDC will also help investors worldwide access Vietnamese market more easily and safely ”, said Mr. Eric Vuong, Founder of VNDC project.
VNDC is a stablecoin platform based on blockchain technology, Ethereum Blockchain standard ERC20 and Binance Chain standard BEP-2. VNDC Stablecoin currently ranks 2nd by the number of stablecoin holders in Ethereum network and is pegged to the Vietnamese fiat currency (1 VNDC = 1 VND).
VNDC is developed with a vision of becoming an open financial platform based on VNDC Stablecoin for Vietnamese people around the world. We work to help solve existing financial problems and bring true values to society. Currently, the VNDC Wallet App has more than 500,000 users. For more information about VNDC, please visit: https://vndc.io/en.